Asset Finance Process & Criteria

Asset finance comes with a simple application process – as long as you know what to do. Handling your application in the correct way will ensure that your business is funded much faster.

To learn more about how the asset finance process works, read on below.

When you’ve finished reading this page, why not head over to our series of in-depth guides or find out more about the different asset finance options available.

Read on to find out more about the asset finance application process and whether your business could qualify.

The asset finance process

1	Get in touch with us by enquiring online or calling us on 01922 620008. One of our asset finance experts will then talk through your requirements to help them to understand exactly what your perfect product looks like.
2	We work with our lenders to produce the best possible terms for your business based on the type of asset and type of funding you require.
3	We will then issue the terms directly to you by email and will follow up to discuss them over the phone, answering any questions you may have.
4	Once you’re happy with the product offered, we will move forward to submission of the application. If there is paperwork to be completed, your dedicated advisor will be happy to handle that for you.
5	The lender will then formally assess the information and documents submitted and will look to agree the application through their credit committee.
6	The agreement can then be finalised, the asset purchased (or funds released for asset refinance applications) and you can enjoy use of the equipment, without a large lump sum outlay.

What information should I have ready before I enquire?

We’re happy to discuss your needs on a fairly informal basis initially. That said, it can help us to give you a more detailed response if you provide us with details of your company (including turnover and net profit, your company name and number and details of exactly what asset you’re looking to acquire.

If you know the exact asset, name, serial number and any mileage or hours readings are also extremely helpful.

How long does the asset finance application process take?

The asset finance application process usually takes around 2 days to complete with most lenders.

What are the alternatives to applying for asset financing?

The main alternatives are different types of business loans, including unsecured business loans and secured business loans.

For ongoing funding, if your business operates on delayed payment terms, consider invoice finance products such as invoice factoring, invoice discounting and debt factoring.

Criteria

The full criteria for funding asset finance applications can vary between lenders. Although each lender will have their own individual preferences, this is designed to give you an overview of the applications we are able to fund.

If your application does not fit the criteria laid out here, just let one of our advisors know, and they will be able to look for a bespoke funding package for you.

Facilities available from £10,000 – with no maximum.

Facilities available for of up to 10 years.

Asset refinance can be used to release capital from almost any pieces of business equipment, as long as they are easily identifiable and have a long, expected lifespan. We will consider any security, including:

• Agricultural equipment – for more read agricultural asset finance
• Engineering equipment
• Haulage vehicles
• Cars, vans and commercial vehicles
• Boats
• Aircraft
• Manufacturing equipment
• Catering equipment
• Printing presses, guillotines and finishing equipment
• Office equipment
• IT and electronics

We are happy to fund the following:

• Sole traders
• Limited companies
• Partnerships
• LLPs

We will consider applications from any industry, including:

• Agriculture
• Transport and logistics
• Aviation
• Construction asset finance
• Engineering
• Manufacturing
• Marine – see marine & aviation asset finance
• Packaging
• Plastics
• Print – see print industry asset finance
• Recycling and waste management
• Renewable energy – see asset finance for the renewable energy sector

We fund businesses all over the UK, with no geographical bias.

We can fund applicants with any credit history status. Applications with adverse credit are considered on a case by case basis.

Any acquisition or refinance of business assets considered.